HL Financial Services LLC Grows Position in Fastenal Company (FAST)
HL Financial Services LLC increased its stake in Fastenal Company (NASDAQ:FAST) by 0.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,810,180 shares of the company’s stock after buying an additional 1,600 shares during the period. Fastenal accounts for 1.6% of HL Financial Services LLC’s portfolio, making the stock its 18th largest position. HL Financial Services LLC owned approximately 0.63% of Fastenal worth $82,508,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently added to or reduced their stakes in the company. Nuance Investments LLC bought a new position in Fastenal in the second quarter worth about $3,048,000. Sawtooth Solutions LLC grew its holdings in Fastenal by 15.4% in the second quarter. Sawtooth Solutions LLC now owns 24,473 shares of the company’s stock worth $1,065,000 after purchasing an additional 3,275 shares during the period. Seven Eight Capital LP grew its holdings in Fastenal by 67.2% in the second quarter. Seven Eight Capital LP now owns 9,700 shares of the company’s stock worth $422,000 after purchasing an additional 3,900 shares during the period. Girard Partners LTD. grew its holdings in Fastenal by 14.5% in the second quarter. Girard Partners LTD. now owns 11,674 shares of the company’s stock worth $508,000 after purchasing an additional 1,477 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its holdings in Fastenal by 58.4% in the second quarter. Robeco Institutional Asset Management B.V. now owns 23,487 shares of the company’s stock worth $1,022,000 after purchasing an additional 8,655 shares during the period. 83.07% of the stock is owned by institutional investors.
In related news, Director Michael John Dolan sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $43.01, for a total value of $344,080.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Stephen L. Eastman bought 800 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was bought at an average price of $40.58 per share, for a total transaction of $32,464.00. The disclosure for this purchase can be found here. Insiders sold 38,000 shares of company stock worth $1,782,880 in the last 90 days. 0.55% of the stock is currently owned by corporate insiders.
A number of equities research analysts have weighed in on FAST shares. Credit Suisse Group restated a “buy” rating and issued a $52.00 price objective on shares of Fastenal in a report on Thursday, July 13th. BMO Capital Markets upped their price objective on shares of Fastenal from $49.00 to $51.00 and gave the stock a “no rating at time” rating in a report on Friday, July 14th. KeyCorp restated a “buy” rating and issued a $52.00 price objective on shares of Fastenal in a report on Thursday, October 12th. Northcoast Research started coverage on shares of Fastenal in a report on Tuesday, July 25th. They issued a “buy” rating and a $54.00 price objective on the stock. Finally, Stifel Nicolaus restated a “hold” rating and issued a $46.00 price objective (up previously from $45.00) on shares of Fastenal in a report on Friday, July 14th. One analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $50.80.
Shares of Fastenal Company (NASDAQ FAST) traded up $0.10 during mid-day trading on Friday, reaching $47.64. 871,414 shares of the company traded hands, compared to its average volume of 2,620,000. Fastenal Company has a 52 week low of $39.79 and a 52 week high of $52.74. The company has a quick ratio of 2.45, a current ratio of 5.36 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $13,850.00, a PE ratio of 25.78, a P/E/G ratio of 1.80 and a beta of 1.06.
Fastenal (NASDAQ:FAST) last issued its earnings results on Wednesday, October 11th. The company reported $0.50 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.50. Fastenal had a net margin of 12.73% and a return on equity of 27.28%. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter last year, the company posted $0.44 earnings per share. The firm’s quarterly revenue was up 11.8% on a year-over-year basis. analysts predict that Fastenal Company will post 1.93 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Wednesday, October 25th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.69%. The ex-dividend date is Tuesday, October 24th. Fastenal’s dividend payout ratio is currently 68.09%.
Fastenal Company Profile
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
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